The Nigerian equities market recorded gains during Thursday’s trading, rising 0.11% to 27,748.46 points, following a late rally in MTNN.
Total volume of trades decreased by 61.35% to 97.36 million units, valued at NGN1.77billion, and exchanged in 2,936 deals. ZENITHBANK was the most traded stock by volume at 11.59 million units, while DANGCEM was the highest traded by value at NGN505.70 billion.
On sector performance, the Consumer Goods index was the sole gainer, rising by 0.08%. Conversely, the Banking (-0.96%), Insurance (-0.62%), Oil & Gas (-0.54%) and Industrial Goods (-0.08%) indices all closed in the red. Market sentiment, as measured by market breadth, was negative (0.75x) as 16 tickers recorded losses relative to 12 gainers. On the laggards list, ETERNA (-10.0%) and NCR (-8.62%) recorded the largest declines, while FIDSON (+9.76%) and BERGER (+9.85%) recorded the largest gains.
Amidst mixed corporate earnings, analysts at Cordros Capital said their outlook for equities in the short to medium term remains conservative.
Meanwhile, the naira traded flat against the US dollar at NGN360.00/USD in the parallel market, while it appreciated by 0.2% to NGN361.68/USD at the I&E FX window.
The overnight lending rate dipped by 79 bps to 3.21%, as following inflows from matured OMO bills worth NGN88.68 trillion.
Activities in the Treasury bills market were bullish as average yield declined by 8bps to 11.15%. Demand for 140DTM (-21bps) and 336DTM (-55bps) bills led to yield contraction at the mid (-6bps) and long (-4bps) segments. Conversely, a sell-off of the 28DTM (+83bps) bill led to yield expansion at the short (+4bps) end of the curve.
Trading in the bond market was bullish as the average yield dipped by 7bps to 13.44%. Demand for the FEB-2028 (-14 bps) bond led to yield contraction at the mid (-9bps) segment. Conversely, selloffs of the APR-2023 (+46bps) and MAR-2036 (+10bps) bonds, led to yield expansion at the short (+22 bps) and long (+8 bps) ends of the curve, respectively.
